Filing Flows › Hallador Energy (HNRG) › Q3 2025
Hallador Energy (HNRG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Hallador Energy (HNRG) reported revenue of $147M for the third quarter 2025 (Q3 2025), +40% from a year earlier and +43% from the quarter before. Operating margin was 19.8%, net earnings $23.9M (16.3% of revenue).
Hallador Energy, Q3 2025: revenue $147M (+40% year over year), operating margin 19.8%, net earnings $23.9M, operating cash flow $23.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $147M | +43% | +40% |
| Operating profit | $29.1M | +146% | +517% |
| Net earnings | $23.9M | +190% | 15× |
| Operating cash flow | $23.2M | +104% | — |
| Free cash flow | $3.7M | — | — |
What changed
Revenue was $146.8M in Q3 2025, up 40% year over year and up 43% from the previous quarter.
Operating profit was $29.1M, a 19.8% margin (up 15.3 points year over year). Of the extra revenue versus a year earlier, 58% reached operating profit, above the 4% margin then. Total costs grew 17% against revenue growth of 40%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $23.9M, up 1437% year over year. The effective tax rate was 0.0%.
Operating cash flow was $23.2M, 97% of net earnings. Non-cash charges added back $9.1M of depreciation and amortization and $585K of share-based compensation. Working capital and other items used $10.4M. Capital expenditures of $19.5M left free cash flow of $3.7M.
Questions
What was Hallador Energy's revenue in the third quarter 2025?
Hallador Energy (HNRG) reported revenue of $147M for the third quarter 2025 (Q3 2025), +40% from a year earlier and +43% from the quarter before.
Was Hallador Energy profitable in the third quarter 2025?
Operating profit was $29.1M (19.8% of revenue) and net earnings $23.9M.
Source: Hallador Energy 10-Q on SEC EDGAR.